On December 23, 2003, the SEC obtained a temporary restraining order against James P. Lewis and an asset freeze against him, Financial Advisory Consultants, and two funds he controlled in connection with a fraudulent scheme. The SEC alleged that for almost twenty years, Lewis sold interests in the funds in which more than 5,200 investor accounts purportedly held investments of over $813 million. The SEC alleged that since about June 2003, Lewis has not honored many requests by investors to withdraw their monies, misrepresenting to investors that the Department of Homeland Security had frozen FAC accounts. For more information about the SEC's action, you can read Litigation Release Nos. 18525 (Dec. 24, 2003) and 18532 (Jan. 6, 2004).

On January 22, 2004, the Court entered a preliminary injunction order against Lewis and appointed Robb Evans & Associates, LLP as Permanent Receiver. You can learn more about the Receivership by visiting the website set up by Robb Evans.